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<br />provlslon of additional rental housing opportunities to <br />persons within the community; <br /> <br />(e) The City has been advised by representatives <br />of the Developer that conventional, commercial <br />financing to pay the capital costs of the Project is <br />available only on a limited basis and at such high <br />costs of borrowing that the economic feasibility of <br />operating the Project would be significantly reduced, <br />but the Developer has also advised the City that with <br />the aid of municipal financing, and resulting low <br />borrowing costs, the Project is economically more <br />feasible; and <br /> <br />(f) No public official of the City has either a <br />direct or indirect financial interest in the Project <br />nor will any public official either directly or <br />indirectly benefit financially from the Project. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Roseville, Minnesota, as follows: <br /> <br />1. The City hereby gives preliminary approval to the <br />proposal of the Developer that the City undertake the Project, <br />described above, and the program of financing therefor, pursuant <br />to Minnesota Statutes, Chapter 462C, consisting of the <br />acquisition and construction of mUlti-family rental housing <br />facilities within the City pursuant to the Developer's <br />specifications and to a revenue agreement between the City and <br />the Developer on such terms and conditions with provisions for <br />revision from time to time as necessary, so as to produce income <br />and revenues sufficient to pay, when due, the principal and <br />interest on the Bonds in the total principal amount of <br />approximately $23,000,000 to be issued pursuant to the Act to <br />finance the acquisition and construction of the Project; and said <br />agreement may also provide for the entire interest of the <br />Developer therein to be mortgaged to the purchasers of the Bonds, <br />or a trustee for the holder(s) of the Bonds; and the City, acting <br />by and through the City, hereby undertakes preliminarily to issue <br />its bonds in accordance with such terms and conditions. <br /> <br />2. At the option of the City, the financing may be <br />structured so as to take advantage of whatever means are <br />available and are permitted by law to enhance the security for, <br />or marketability of, the Bonds; provided that any such financing <br />structure must be consented to by the Developer. <br /> <br />3. On the basis of information available to the City <br />it appears, and the city hereby finds, that the Project consti- <br /> <br />244231 <br /> <br />3 <br />